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🌊 Recent BTC Buyers' Losses Pile Up

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GM Defiers!

Short-term Bitcoin buyers are sitting on mounting losses as the price of BTC dips below $54,000. Markets plunged again on Friday after a lacklustre August jobs report. ETH is trading 5% lower at $2,250, while SOL slid 4% and DOT dipped 2%.

However, traders holding VISTA, the token from EtherVista, an Ethereum-based memecoin launchpad, are sitting pretty. VISTA surged 40x in just four days following the platform’s launch.

Pavel Durov, Telegram’s CEO, penned his first blog post since being arrested by French authorities two weeks ago. Durov pushed back against allegations of complicity in cybercrime stemming from a lack of content moderation on Telegram, stating his team takes down “millions” of harmful posts every day.

We also take you behind the scenes of Aleph, Argentina’s month-long pop-up crypto city.

Plus, Vitalik Buterin says he’s finished investing in web3 projects, EigenLayer announces details of second EIGEN stakedrop, Injective launches index tracking BUIDL, Synthetix unveils SNAXchain L2, and Mastercard and Mercuryo launch non-custodial crypto card.

✍️ In today’s newsletter:

  • Short-term Bitcoin holders face losses
  • VISTA soars 40x in four days
  • Telegram CEO pushes back against arrest
  • Argentina’s web3 pop-up city wraps up
  • Markets drop as recession fears resurface
  • Vitalik to donate token investment proceeds
  • EigenLayer allocated 86M EIGEN to Season 2 drop
  • Injective launches BUIDL perpetuals market
  • Synthetix announces appchain launch
  • Mercuryo launches crypto Mastercard in Europe

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️📉 Short-term Bitcoin Holders’ Unrealized Losses Are Piling Up: Glassnode

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Recent Bitcoin buyers are sitting on mounting unrealized losses as bears remain in control of the crypto markets. Although total unrealized losses are just 2.9%, the unrealized losses of short-term holders are quickly growing.

🚀 VISTA Token Surges 40x as EtherVista Aims to Create a Rugpull-Free Memecoin Launchpad

EtherVista’s VISTA soared 3,900% in four days following the launch of the Ethereum-based memecoin launchpad. The platform seeks to replicate the meteoric success of Solana’s PumpFun launchpad.

🖊️ Detained Telegram CEO Pushes Back Against Charges

Pavel Durov, the CEO of Telegram, has taken exception with the charges levied against him by French authorities following his Aug. 25 arrest. Durov said claims Telegram does not moderate content are “absolutely untrue,” adding that his team removes “millions” of harmful posts from the platform daily.

🇦🇷 Behind-the-Scenes in Argentina’s Crypto Scene Now that the Aleph Pop-Up City is Over

We explored Aleph, the month-long pop-up crypto city in Argentina’s capital. The Defiant spoke to conference attendees, organizers, and local lawmakers to learn about Argentina’s bubbling grassroots web3 community.

📉Crypto Markets Plunge after August Jobs Report Misses Expectations

Bitcoin and Ethereum plunged 5% to trade at $54,000 and $2,250, respectively.

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BTC Price

The latest U.S. employment figures from the Bureau of Labor Statistics revealed an increase of 142,000 jobs in August, below the 161,000 forecasted by Dow Jones analysts.

💰 Vitalik Plans To Donate ERC-20 Holdings and Cease Investing In Web3 Projects

Vitalik Buterin, Ethereum’s chief scientist, has pledged to donate the proceeds from his investments into Layer 2s and other early-stage crypto projects. Buterin also said he will support new projects through donations moving forward. Vitalik’s comments follow persistent scrutiny surrounding transactions from his wallet.

🪂 EigenLayer Reveals Details of Second EIGEN Stakedrop

EigenLayer, the pioneering Ethereum restaking protocol, announced that season 2 stakedrop participants will receive a share of 86 million EIGEN tokens. However, both season 1 and season 2 allocations remain non-transferable for the foreseeable future. EigenLayer is also preparing to onboard Ethena’s USDe as a restakable asset.

📊 Injective Enables Traders to Bet On Growth of BlackRock's BUIDL Fund

Injective launched a tokenized index for BlackRock’s tokenized U.S. treasuries fund, BUIDL. Injective users can now speculate on BUIDL’s market cap using perpetual futures.

⛓️ Synthetix To Launch SNAXchain Appchain On Sept. 16

Synthetix is getting in on the appchain bandwagon with the upcoming launch of its SNAXchain Layer 2. The network is built using Optimism’s OP Stack and will go live on Sept. 16, coinciding with the next Synthetix governance epoch.

💳 Mastercard Joins Forces With Mercuryo To Launch Non-Custodial Crypto Card in Europe

Mercuryo integrated Mastercard to launch a non-custodial crypto card serving the European market. The card supports payments from 40 cryptocurrencies at more than 100 million merchants.

🌍 ELSEWHERE

  • Japan’s three major banks to test cross-border stablecoin transfer platform (The Block)
  • Visa and Santander Selected by Brazil’s Central Bank for a Second Phase of CBDC Pilot (CoinDesk)
  • Coinbase Stock Slips As Court Sides With US SEC In Document Seal (CoinGape)
  • Trump Promises to ‘Embrace’ Crypto and Bitcoin in Economic Policy Speech (Unchained)

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